Policy

Nigeria’s inflation drops to 11.37%
Policy

Nigeria’s inflation drops to 11.37%

Latest data from the official data office of Nigeria said consumer price index or inflation in Africa’s largest economy dropped to 11.37% in the month of January. The Abuja-based National Bureau of Statistics said in its summary note that the further drop in January is 0.07 percent points lower than […]

Nigeria economy expanded by 2.3% in 2018
Policy

Nigeria economy expanded by 2.3% in 2018

Africa’s largest economy seems to be leaving its sluggish growth era for a stronger territory. Data from the National Bureau of Statistics, NBS, said the Nigerian economy which largely depends on oil revenue for its forex reserve grew by 2.38% in real terms (year on-year). This represents an increase of […]

Former Petrofac executives pleads guilty to fraud
Policy

Former Petrofac executives pleads guilty to fraud

London-based Petrofac Plc, said a former employee of its subsidiary yesterday admitted bribery under the UK Bribery Act 2010. The company said in a statement that that no charges have been brought against any Group company or any other officers or employees. Although not charged, a number of Petrofac individuals […]

Nigeria passes new competition and consumer protect law
Policy

Nigeria passes new competition and consumer protect law

Nigeria’s President Muhammadu Buhari has just assented to the Federal Competition and Consumer Protection Bill, thereby making it the Federal Competition and Consumer Protection Act 2019. The country’s consumer protection agency, CPC said in a statement that “by this, Nigeria has promulgated perhaps the most prolific legislation for promoting consumer […]

Lagos proposes $2.3 billion budget for 2019
Policy

Lagos proposes $2.3 billion budget for 2019

Lagos, Nigeria’s commercial capital is proposing to spend $2.3 billion for the year 2019. This is about N852.13 billion real-time forex rate. Lagos is West Africa’s largest economy and Africa’s 5th largest economy by gross domestic product. At the belated budget presentation, the outgoing state governor, Akinwunmi Ambode said the […]

Policy

Nigeria increases minimum wage to USD98

Nigeria’s federal government has just approved an increment in the national minimum wage to N30,000 approximately USD98 based on the current exchange rate. The new minimum wage was agreed at after series of negotiations and threats of strike actions by the labour union. The latest development is also very significant […]

Egmont Group lifts suspension on Nigeria
Policy

Egmont Group lifts suspension on Nigeria

The Egmont Group has confirmed the lifting of the suspension of Nigeria from the group’s membership. Egmont Group is a body of the sovereign financial intelligence units in 155 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat […]

Nigeria’s finance minister, Kemi Adeosun resigns
Policy

Nigeria’s finance minister, Kemi Adeosun resigns

There are official reports that Nigeria’s finance minister, Kemi Adeosun, has tendered her resignation from President Muhammadu Buhari’s cabinet. Kemi Adeosun has been in the eye of the storm for an alleged forgery of her National Youth Service Corps certificate. Since the controversy started, Adeosun has not commented on the […]